首页|股权国际化能够促进我国企业并购绩效提升吗

股权国际化能够促进我国企业并购绩效提升吗

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本文基于我国A股上市公司2004至2019年间的9682个并购事件和手工收集的可追溯到来源国(地区)的境外股东持股数据,考察股权国际化对企业并购绩效的影响.研究发现,股权国际化有助于提升我国企业的并购价值创造能力,境外机构股东持股比例越高,并购公告的短期市场绩效和并购后的长期整合绩效均显著更高,该结论在通过工具变量法控制内生性偏差并经过一系列稳健性测试后依然成立.作用机制分析表明,境外机构股东可以通过遏制并购交易中的内部人掏空、促进发达市场知识溢出和为主并企业提供隐性声誉担保三种可能渠道提升并购绩效.进一步研究发现,无论是外商直接投资型还是投资组合型的境外机构股东持股,均能显著提升企业的并购绩效.
Does Shareholder Structure Internationalization Improve M&As Performance in China?
Based on samples of 9682 M&A events of Chinese A-share listed companies from 2004 to 2019 and hand-collected data of foreign owner-ship that can be traced back to source countries(regions),this paper investigates the impact of shareholder structure internationalization on the M&A per-formance.The study finds that shareholder structure internationalization helps to enhance the M&A value creation ability of Chinese enterprises.This con-clusion remains valid after controlling for potential endogeneity bias through instrumental variable two-step least squares method and after a series of ro-bustness tests.The mechanism analysis suggests that foreign institutional shareholders can enhance M&A performance through three potential channels:curbing the"tunneling"activities of insiders during the M&A process,promoting the spillover of M&A knowledge from developed markets,and providing an implicit reputation guarantee for the acquiring companies.Further research finds that both FDI and FPI foreign institutional shareholders can significant-ly enhance corporate M&A performance.

Shareholder Structure InternationalizationM&A PerformanceMonitoringKnowledge SpilloverImplied Reputation Guarantee

庄明明、余鹏翼、李善民

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广东外语外贸大学会计学院/跨国并购与创新战略研究中心 510006

中山大学管理学院/企业研究院 510275

股权国际化 并购绩效 监督 知识溢出 隐性声誉担保

国家自然科学基金青年项目国家自然科学基金重点项目广东省自然科学基金面上项目广东省基础与应用基础研究基金项目

72202047721320102022A15150121102021A1515110649

2024

会计研究
中国会计学会

会计研究

CSTPCDCSSCICHSSCD北大核心
影响因子：6.346
ISSN：1003-2886
年,卷(期)：2024.(5)
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